Manulife has announced it will be increasing the price of its level cost universal life insurance products effective Sept. 23.
For the limited pay category, level cost of insurance (COI) pricing will rise from zero to 25 per cent on single life policies and zero to 50 per cent on joint-last-to-die within Manulife UL Level CIS.
For the level to 100 category, the level COI rates will rise from zero to 15 per cent for all Manulife UL Level Gold and CIS policies.
The rate increases will affect new business and policy changes on inforce policies with a policy or coverage date after Sept. 23. The larger increases will affect younger issue ages, says Manulife.
Manulife’s level to 100 COI rates will also increase zero to 15 per cent for InnoVision policies where the original yearly renewable term coverage is on or after May 14, 2011 and UL YRT CIS products “looking to do a cost type change from YRT to Level on or after September 23, 2017” says the Manulife announcement. The applicable level COI rates will be the new rates.